Immatics Announces Third Quarter 2026 Financial Results and Business Update

Higher trial and commercialization spending widened the quarterly loss despite increased collaboration revenue.

Rhea-AI Summary

Immatics (IMTX) reported third-quarter 2026 results and said its pivotal anzu-cel melanoma trial remains on track for required year-end randomizations. The company expects SUPRAME topline progression-free survival data in H1 2027, followed by a biologics license application in 2027.

Quarterly collaboration revenue rose to $7.8 million from $5.9 million, while net loss widened to $86.3 million from $57.3 million a year earlier. Cash and other financial assets totaled $536.3 million at September 30; Immatics projects funding into Q4 2028. Updated Phase 1 IMA203CD8 data showed a 55% confirmed response rate in gynecologic cancers at clinically relevant doses. Phase 1b IMA402 data in PRAME-high advanced melanoma showed a 32% confirmed response rate and 12.5-month median response duration. Commercial preparations for anzu-cel continue, with launch subject to FDA approval.

22 points · 1 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointPublic and at-the-market offerings provided gross proceeds of $172.5 million and $25 million, respectively.
• Moderate point. Forward-looking: it has not happened yet and may not happen.SUPRAME required randomizations remain on track for year-end 2026; Immatics expects topline data in H1 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Anzu-cel regulatory application submission is expected in 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway is now projected into Q4 2028.
• Moderate pointThird-quarter collaboration revenue increased to $7.8 million from $5.9 million a year earlier.
• Moderate pointAnzu-cel Phase 1b melanoma data showed 56% confirmed response and 14.6-month median response duration.
• Moderate pointNine-month other financial expenses fell to €858 thousand from €36.151 million a year earlier.

15 minor points

• Minor pointCash and other financial assets reached $536.3 million, versus $532.9 million at December 31, 2025.
• Minor pointAnzu-cel Phase 1b median progression-free survival was 6.1 months; median overall survival was 16.2 months.
• Minor pointAnzu-cel Phase 1b overall survival rates were 70% at 12 months and 46% at 24 months.
• Minor pointAnzu-cel metastatic uveal melanoma Phase 2 enrollment is ongoing for approximately 30 additional patients.
• Minor pointAnzu-cel has received FDA Orphan Drug and RMAT designations.
• Minor pointCommercial infrastructure development for anzu-cel continues, with commercial and medical affairs leadership positions filled.
• Minor pointIMA203CD8 gynecologic cancer data showed 55% confirmed response and 8.4-month median response duration at clinically relevant doses.
• Minor pointIMA203CD8 Phase 1a dose escalation is complete; uterine cancer enrollment continues at clinically relevant doses.
• Minor point. Forward-looking: it has not happened yet and may not happen.IMA203CD8 pediatric cancer Phase 1/2 investigator-initiated trial is planned for H1 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.IMA203CD8 targeted tumor cohorts are planned to build evidence for broader use across cancer types.
• Minor pointIMA402 confirmed response was 25% across tumor types and PRAME levels within the recommended Phase 2 dose range.
• Minor pointIMA402 confirmed response reached 32% among patients with PRAME-high tumors.
• Minor pointIMA402 PRAME-high advanced melanoma data showed 32% confirmed response, 12.5-month median response duration and 91% one-year survival.
• Minor point. Forward-looking: it has not happened yet and may not happen.IMA402 combinations with checkpoint inhibitors are planned in melanoma and gynecologic cancers.
• Minor point. Forward-looking: it has not happened yet and may not happen.IMA402/IMA401 lung cancer combination development has first data expected in 2027.

Negative

• Moderate pointThird-quarter net loss widened to $86.3 million from $57.3 million a year earlier.
• Moderate pointThird-quarter research and development expenses rose to $79.8 million from $53.6 million a year earlier.
• Minor pointThird-quarter administrative expenses increased to $17.9 million from $14.4 million a year earlier.
• Minor pointThird-quarter basic and diluted loss per share widened to €0.50 from €0.42 a year earlier.
• Minor pointNine-month collaboration revenue fell to €23.679 million from €28.505 million a year earlier.

5 minor points

• Minor pointNine-month net loss widened to €196.328 million from €160.749 million a year earlier.
• Minor pointNine-month research and development expenses rose to €191.867 million from €134.190 million a year earlier.
• Minor pointNine-month administrative expenses increased to €44.260 million from €37.520 million a year earlier.
• Minor pointNine-month basic and diluted loss per share widened to €1.39 from €1.32 a year earlier.
• Minor pointAnzu-cel's anticipated commercial launch remains subject to FDA approval.

News Explained

Immatics attributes the change in cash and other financial assets mainly to gross proceeds of $172.5 million from a public offering and $25 million from an at-the-market offering; that structure permits gradual sales of new shares at prevailing prices, reducing existing holders’ ownership percentages absent offsets.

Key Figures

Cash and financial assets: $536.3 million Projected cash reach: Q4 2028 Revenue: $7.8 million vs. $5.9 million +5 more

Cash and financial assets

$536.3 million

As of September 30, 2026

Projected cash reach

Q4 2028

Company projection

Revenue

$7.8 million vs. $5.9 million

Three months ended September 30, 2026 vs. 2025

R&D expenses

$79.8 million vs. $53.6 million

Three months ended September 30, 2026 vs. 2025

Net loss

$86.3 million vs. $57.3 million

Three months ended September 30, 2026 vs. 2025

cORR

55%

IMA203CD8 in gynecologic cancers at clinically relevant doses

cORR

32%

IMA402 in PRAME-high advanced melanoma

1-year OS rate

91%

IMA402 in PRAME-high advanced melanoma

Previous Earnings Reports

1 past event · Latest: Aug 18

Same Type 1 event

1. Aug 18

   Q2 earnings

   24h Move

   -1.7%

   Q2 results showed $448.2 million in cash and financial assets, with cash reach projected into 2028.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

progression-free survival, recist v1.1, at-the-market offering, blinded independent central review

4 terms

progression-free survival medical

"BICR-assessed (RECIST v1.1) progression-free survival (PFS)"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

recist v1.1 medical

"BICR-assessed (RECIST v1.1) progression-free survival (PFS)"

RECIST v1.1 is a standardized set of rules used in cancer trials to measure how solid tumors change over time, defining when tumors shrink, grow, or stay the same based on imaging scans. Investors care because these consistent measurements determine key trial results and regulatory decisions—like whether a drug is seen as effective—so RECIST-based outcomes directly affect a therapy’s approval prospects, market potential, and company valuation.

at-the-market offering financial

"an at-the-market offering of $25 million"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

blinded independent central review medical

"blinded independent central review (“BICR”)-assessed"

Blinded independent central review is a quality-control step in clinical trials where outside medical experts, who do not know which patients received the experimental therapy, re-examine key measurements (like scans or lab results) to prevent bias. Think of it as neutral referees watching game footage without knowing the teams, which gives investors greater confidence that the trial results are fair, more reliable for regulators, and less likely to be overturned or disputed.

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• Enrollment in the SUPRAME Phase 3 trial of anzu-cel (anzutresgene autoleucel, IMA203) is on track to complete the required randomizations by year-end to support final analysis for the primary PFS endpoint
  
  
• SUPRAME topline data disclosure remains expected in H1 2027, followed by BLA submission in 2027
  
  
• IMA203CD8 PRAME Cell Therapy: Updated Phase 1 data presented at ESMO Congress 2026 showed deep and durable anti-tumor activity across multiple tumor types and a manageable safety profile; in gynecologic cancers at clinically relevant doses, cORR was 55% and mDOR was 8.4 months
  
  
• IMA402 PRAME Bispecific: Phase 1b data presented at ESMO Congress 2026 continue to demonstrate encouraging anti-tumor activity in multiple indications, alongside a favorable safety profile, within the recommended Phase 2 dose (RP2D) range. In patients with PRAME-high advanced melanoma cORR was 32%, mDOR was 12.5 months and 1-year OS rate was 91%
  
  
• Cash and cash equivalents as well as other financial assets of $536.3 million¹ (€472.3 million) as of September 30, 2026; cash reach now projected into Q4 2028
  
  

Houston, Texas and Tuebingen, Germany, November 10, 2026 – Immatics N.V. (NASDAQ: IMTX, “Immatics” or the “Company”), the global leader in precision targeting of PRAME with multiple clinical-stage programs spanning cell therapies and bispecifics, today provided a business update and reported financial results for the quarter ended September 30, 2026.

“Our focus is clear: completing enrollment in the Phase 3 SUPRAME trial and preparing for the BLA filing for anzu-cel in melanoma. In addition, we continue to advance our Phase 1/2 bispecific and cell therapy programs across multiple cancer types,” said Harpreet Singh, Ph.D., Chief Executive Officer and Co-Founder of Immatics. “Everything we do is guided by patients with cancer who urgently need new treatment options. This commitment drives our continued work across the PRAME franchise and our preparations for the anticipated launch of anzu-cel, positioning us well as we enter what we expect to be the defining year for Immatics.”

Third Quarter 2026 and Subsequent Company Progress

PRAME Franchise – Cell Therapy

Anzu-cel (IMA203) PRAME Cell Therapy – First Market Entry in Advanced Melanoma
Anzu-cel (anzutresgene autoleucel), previously called IMA203, is Immatics’ lead PRAME cell therapy and is expected to be the Company’s first PRAME therapy to enter the market in advanced melanoma. The estimated addressable patient population for anzu-cel in second-line or later (2L) advanced melanoma includes ~10,000 patients².

Phase 3 trial, SUPRAME, for anzu-cel (IMA203) in previously treated, advanced melanoma

• Immatics’ global, randomized, controlled, multi-center Phase 3 clinical trial, SUPRAME, is currently ongoing to evaluate the efficacy, safety and tolerability of anzu-cel PRAME cell therapy as monotherapy vs. investigator's choice in patients with unresectable or metastatic melanoma who have received prior treatment with a PD-1 immune checkpoint inhibitor. Anzu-cel received FDA Orphan Drug Designation and FDA RMAT designation, which includes all the benefits of FDA Breakthrough Therapy Designation.
• SUPRAME is designed to be an adequate and well-controlled clinical trial to generate the data supporting full regulatory approval of anzu-cel.
• The primary endpoint for SUPRAME is blinded independent central review (“BICR”)-assessed (RECIST v1.1) progression-free survival (PFS). Key secondary endpoints include overall survival (OS), objective response rate (ORR), safety and patient-reported outcomes measuring quality of life.
• Enrollment in SUPRAME, currently ongoing in North America and Europe, remains on track to complete required randomizations by year-end to support final analysis for the primary endpoint.
• The Company expects to disclose topline data from the final PFS analysis in the first half of 2027, followed by a BLA submission in 2027.
  
  

Phase 1/2 trial for anzu-cel (IMA203) in previously treated, metastatic melanoma

• Updated Phase 1b clinical data presented at the 2026 ASCO Annual Meeting showed durable anti-tumor activity at longer follow-up in metastatic melanoma, including 56% confirmed objective response rate (cORR), 14.6 months median duration of response (mDOR), 6.1 months median PFS (mPFS) and 16.2 months median OS (mOS). The OS rate was 70% at 12 months and 46% at 24 months. Anzu-cel maintained an expected and manageable tolerability profile. Exploratory analyses, presented at ESMO Congress 2026, further characterized durable clinical benefit and hematologic recovery following one-time treatment with anzu-cel, strengthening its clinical profile.
  
  

Phase 2 cohort for anzu-cel (IMA203) PRAME cell therapy in patients with metastatic uveal melanoma

• A Phase 2 cohort to treat approximately 30 additional patients with metastatic uveal melanoma is ongoing and being conducted at select centers in the U.S. and Germany with expertise in uveal melanoma.
• Data from the ongoing single-arm Phase 1b trial as well as the Phase 2 cohort in metastatic uveal melanoma are intended to support a potential label expansion for anzu-cel following expected initial approval in unresectable or metastatic melanoma.

Commercial and Cell Product Manufacturing Update

• The Company continues to build the commercial infrastructure for the anticipated launch of anzu-cel, subject to FDA approval.
• Effective September 28, 2026, Jason Braun was appointed Chief Commercial Officer. Mr. Braun joined Immatics in January 2024 and has led the development of the Company’s commercial strategy and the build-out of its commercial team in preparation for the anticipated launch of anzu-cel. He previously led the marketing launch of Yescarta® and held commercial leadership roles at Kite, Pharmacyclics, Dendreon and Amgen.
• Key leadership positions across the commercial and medical affairs teams have been filled with seasoned leaders from the U.S. biotech and pharmaceutical industry, bringing extensive expertise in commercial cell therapy.
• The Company operates a fully functional 100,000-square-foot R&D and cell therapy manufacturing facility in the Houston metropolitan area, with capacity to support ongoing clinical trials and commercial supply.

IMA203CD8 PRAME Cell Therapy – Expansion to All Advanced PRAME Cancers
IMA203CD8 is the Company’s PRAME cell therapy product candidate being developed with the goal of expanding into all advanced PRAME cancers. Given its pharmacology profile, the Company intends to pursue the clinical development of this product candidate through targeted cohorts in selected tumor types to build the clinical evidence base for a broader, tumor-agnostic application.

• On October 23, 2026, updated Phase 1 data were presented at ESMO Congress 2026. IMA203CD8 PRAME cell therapy demonstrated deep and durable anti-tumor activity across multiple tumor types with a consistent and manageable safety profile, supporting its tumor-agnostic potential. Among patients with advanced, heavily pretreated gynecologic cancers treated at clinically relevant doses, the cORR was 55% and mDOR was 8.4 months.
• Phase 1a dose escalation is complete. Immatics is currently enrolling patients with uterine cancer at clinically relevant doses to further expand the clinical dataset in this indication.
• In addition, a Phase 1/2 investigator-initiated trial (IIT) in patients with PRAME-positive pediatric cancers is planned to start in H1 2027.
• The clinical activity of IMA203CD8 observed across tumor types with distinct biology and differing levels of PRAME expression, including ovarian cancer, uterine cancer, melanoma and synovial sarcoma, supports the broad applicability of IMA203CD8 across PRAME-positive cancers. The development approach for IMA203CD8 will leverage targeted cohorts of selected tumor types, such as ovarian cancer, uterine cancer, rare cancers and pediatric cancers to build the clinical evidence base for broader, tumor-agnostic application.

PRAME Franchise - Bispecifics

IMA402 PRAME Bispecific – Expansion to Earlier-Line PRAME Cancers
To expand the PRAME opportunity to earlier-line PRAME cancers, the Company is developing its off-the-shelf, next-generation, half-life extended TCR bispecific, IMA402, as a monotherapy or in combination with standard of care. In addition, Immatics is exploring the combination of IMA402 PRAME bispecific with IMA401 MAGEA4/8 bispecific in squamous non-small cell lung cancer (sqNSCLC) and potentially other solid tumor indications.

• On October 24, 2026, updated Phase 1b data were presented at ESMO Congress 2026. IMA402 demonstrated favorable tolerability as monotherapy and in combination with an immune checkpoint inhibitor (ICI). In the efficacy population treated within the RP2D range, IMA402 demonstrated deep and durable responses, with a cORR of 25% across all tumor types and PRAME expression levels. Among patients with PRAME-high tumors a cORR of 32% was observed. In patients with PRAME-high advanced melanoma, cORR was 32%, mDOR was 12.5 months and 1-year OS was 91%.
• The promising clinical profile of IMA402 supports a development path across various solid tumors in earlier and later treatment lines. These include combination approaches with ICIs in melanoma and in gynecologic cancers, as well as IMA402 in combination with the Company’s MAGEA4/8-directed bispecific, IMA401, in lung cancer with first data expected in 2027.
• Furthermore, the use of Immatics’ proprietary rapid, sensitive and reliable liquid biopsy-based PRAME testing enables precise patient selection and could support potential fast-to-market strategies, subject to regulatory approval, in PRAME-high melanoma and beyond.
  
  

Third Quarter 2026 Financial Results

Cash Position: Cash and cash equivalents, as well as other financial assets, total $536.3 million¹ (€472.3 million) as of September 30, 2026, compared to $532.9 million¹ (€469.3 million) as of December 31, 2025. The change is primarily the result of gross proceeds of a public offering of $172.5 million and an at-the-market offering of $25 million, offset by ongoing research and development activities.

Revenue: Total revenue, consisting of revenue from collaboration agreements, was $7.8 million¹ (€6.9 million) for the three months ended September 30, 2026, compared to $5.9 million¹ (€5.2 million) for the three months ended September 30, 2025. The increase is mainly due to a higher milestone as well as higher level of activity and proportion of costs incurred relative to the overall plan in our collaboration programs within the quarter.

Research and Development Expenses: R&D expenses were $79.8 million¹ (€70.3 million) for the three months ended September 30, 2026, compared to $53.6 million¹ (€47.2 million) for the three months ended September 30, 2025. The increase mainly resulted from costs associated with advancing the product candidates in clinical trials, particularly the SUPRAME trial.

General and Administrative Expenses: G&A expenses were $17.9 million¹ (€15.8 million) for the three months ended September 30, 2026, compared to $14.4 million¹ (€12.7 million) for the three months ended September 30, 2025. The increase mainly resulted from activities in preparation for commercialization of anzu-cel.

Net Loss: Net loss was $86.3 million¹ (€76.0 million) for the three months ended September 30, 2026, compared to a net loss of $57.3 million¹ (€50.5 million) for the three months ended September 30, 2025. The increase is mainly driven by higher costs associated with the SUPRAME trial in the three months ended September 30, 2026.

Full financial statements can be found in our Report on Form 6-K filed with the Securities and Exchange Commission (SEC) on November 10, 2026, and published on the SEC website under www.sec.gov.

Upcoming Investor Conferences

• Jefferies Global Healthcare Conference, London, United Kingdom – November 16 - 19, 2026
• J.P. Morgan Healthcare Conference, San Francisco, US – January 11 - 14, 2027

To see the full list of events and presentations, visit: https://investors.immatics.com/events-presentations.

About PRAME
PRAME is a tumor-associated target expressed in more than 50 cancers. Immatics’ PRAME franchise includes multiple product candidates, therapeutic modalities, indications and combination approaches: anzu-cel (anzutresgene autoleucel; IMA203) and IMA203CD8, both PRAME-directed cell therapies, and IMA402, a PRAME-directed bispecific. Combination approaches include IMA402 with immune checkpoint inhibitors, IMA402 with the MAGEA4/8-directed bispecific IMA401, and anzu-cel in combination with Moderna’s PRAME mRNA therapy designed to enhance the cell therapy response.

About Immatics
Immatics is committed to making a meaningful impact on the lives of patients with cancer. We are the global leader in precision targeting of PRAME, a target expressed in more than 50 cancers. Our cutting-edge science and robust clinical pipeline form the broadest PRAME franchise with the most PRAME indications and modalities, spanning TCR T-cell therapies and TCR bispecifics.

Immatics intends to use its website www.immatics.com as a means of disclosing material non-public information. For regular updates, you can also follow us on LinkedIn and Instagram.

Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. For example, statements concerning timing of data read-outs, the timing, outcome and design of clinical trials, the nature of clinical trials (including whether such clinical trials will be registration-enabling), the timing and outcomes of IND, CTA, BLA and other regulatory filings, the timing of commercial launches, estimated market opportunities, manufacturing timetables, capacity and success rates, the potential benefits of product candidates, the Company’s intended strategy, and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “target”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Immatics and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including general economic conditions and other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no duty to update these forward-looking statements. All the scientific and clinical data presented within this press release are – by definition prior to completion of the clinical trial and a clinical study report – preliminary in nature and subject to further quality checks including customary source data verification.

For more information, please contact:

Media
Trophic Communications      
Phone: +49 151 74416179    
immatics@trophic.eu

Immatics N.V.
Jordan Silverstein
Head of Strategy
Phone: +1 346 319-3325
InvestorRelations@immatics.com

Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Loss of Immatics N.V.

		Three months ended September 30,					Nine months ended September 30,
		2026		2025			2026		2025
		(Euros in thousands, except per share data)					(Euros in thousands, except per share data)
Revenue from collaboration agreements		6,923		5,187			23,679		28,505
Research and development expenses		(70,270)		(47,176)			(191,867)		(134,190)
General and administrative expenses		(15,810)		(12,673)			(44,260)		(37,520)
Other income		615		29			639		70
Operating result		(78,542)		(54,633)			(211,809)		(143,135)
Change in liabilities for warrants		(3,263)		—			(3,263)		1,730
Other financial income		5,816		4,250			18,973		14,684
Other financial expenses		(440)		(289)			(858)		(36,151)
Financial result		2,113		3,961			14,852		(19,737)
Loss before taxes		(76,429)		(50,672)			(196,957)		(162,872)
Taxes on income		407		127			629		2,123
Net loss		(76,022)		(50,545)			(196,328)		(160,749)
Net loss per share:
Basic		(0.50)		(0.42)			(1.39)		(1.32)
Diluted		(0.50)		(0.42)			(1.39)		(1.32)

Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Comprehensive Loss of Immatics N.V.

		Three months ended September 30,					Nine months ended September 30,
		2026		2025			2026		2025
		(Euros in thousands)					(Euros in thousands)
Net loss		(76,022)		(50,545)			(196,328)		(160,749)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Currency translation differences from foreign operations		352		(594)			3,419		(9,138)
Total comprehensive loss for the period		(75,670)		(51,139)			(192,909)		(169,887)

Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Financial Position of Immatics N.V.

		As of
		September 30, 2026		December 31, 2025
		(Euros in thousands)
Assets
Current assets
Cash and cash equivalents		276,614		345,918
Other financial assets		195,655		123,419
Accounts receivables		7,401		6,099
Income tax receivables		7,866		8,393
Other current assets		23,406		20,179
Total current assets		510,942		504,008
Non-current assets
Property, plant and equipment		38,572		42,111
Intangible assets		1,662		1,582
Right-of-use assets		11,093		12,786
Other non-current assets		3,454		1,850
Total non-current assets		54,781		58,329
Total assets		565,723		562,337
Liabilities and shareholders’ equity
Current liabilities
Provisions		8,402		—
Accounts payables		40,275		18,832
Deferred revenue		11,113		15,816
Liabilities for warrants		33,363		—
Lease liabilities		2,498		2,757
Other current liabilities		6,021		5,607
Total current liabilities		101,672		43,012
Non-current liabilities
Deferred revenue		10,922		18,541
Lease liabilities		11,452		12,878
Deferred tax liabilities		3,178		3,807
Total non-current liabilities		25,552		35,226
Shareholders’ equity
Share capital		1,523		1,341
Share premium		1,424,465		1,277,338
Accumulated deficit		(982,316)		(785,988)
Other reserves		(5,173)		(8,592)
Total shareholders’ equity		438,499		484,099
Total liabilities and shareholders’ equity		565,723		562,337

Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Cash Flows of Immatics N.V.

		Nine months ended September 30,
		2026		2025
		(Euros in thousands)
Cash flows from operating activities
Net loss		(196,328)		(160,749)
Taxes on income		(629)		(2,123)
Loss before tax		(196,957)		(162,872)
Adjustments for:
Interest income		(10,207)		(13,629)
Depreciation and amortization		8,655		9,231
Interest expenses		615		724
Equity-settled share-based payment		16,946		11,712
Net foreign exchange differences and expected credit losses		(8,840)		33,911
Change in liabilities for warrants		3,263		(1,730)
Loss from disposal of fixed assets		48		157
Changes in:
(Increase)/decrease in accounts receivables		(1,163)		2,658
(Increase) in other assets		(4,288)		(1,555)
Increase/(decrease) in deferred revenue, accounts payables and other liabilities		18,731		(15,028)
Interest received		10,086		22,558
Interest paid		(615)		(724)
Income tax paid		(1,776)		(8,107)
Income tax refunded		2,298		4,733
Net cash used in operating activities		(163,204)		(117,961)
Cash flows from investing activities
Payments for property, plant and equipment		(2,307)		(5,588)
Payments for intangible assets		(129)		(190)
Proceeds from disposal of property, plant and equipment		35		47
Payments for investments classified in Other financial assets		(241,787)		(280,651)
Proceeds from maturity of investments classified in Other financial assets		173,285		520,089
Net cash provided by/(used in) investing activities		(70,903)		233,707
Cash flows from financing activities
Proceeds from issuance of shares and warrants		170,355		13
Transaction costs from issuance of shares and warrants		(9,892)		—
Payments of lease liabilities		(2,267)		(2,211)
Net cash provided by/(used in) financing activities		158,196		(2,198)
Net increase/(decrease) in cash and cash equivalents		(75,911)		113,548
Cash and cash equivalents at the beginning of the period		345,918		236,748
Effects of exchange rate changes and expected credit losses on cash and cash equivalents		6,607		(15,374)
Cash and cash equivalents at the end of the period		276,614		334,922

Immatics N.V. and subsidiaries
Condensed Consolidated Statement of Changes in Shareholders’ Equity of Immatics N.V.

(Euros in thousands)		Share capital		Share premium		Accumulated deficit		Other reserves		Total share- holders’ equity
Balance as of January 1, 2025		1,216		1,162,136		(589,541)		1,031		574,842
Other comprehensive loss		—		—		—		(9,138)		(9,138)
Net loss		—		—		(160,750)		—		(160,750)
Comprehensive loss for the period		—		—		(160,750)		(9,138)		(169,888)
Equity-settled share-based compensation		—		11,712		—		—		11,712
Share options exercised		—		13		—		—		13
Balance as of September 30, 2025		1,216		1,173,861		(750,291)		(8,107)		416,679
Balance as of January 1, 2026		1,341		1,277,338		(785,988)		(8,592)		484,099
Other comprehensive income		—		—		—		3,419		3,419
Net loss		—		—		(196,328)		—		(196,328)
Comprehensive income/(loss) for the period		—		—		(196,328)		3,419		(192,909)
Equity-settled share-based payment		—		16,946		—		—		16,946
Share options exercised		2		836		—		—		838
Issue of share capital – net of transaction costs		180		129,345		—		—		129,525
Balance as of September 30, 2026		1,523		1,424,465		(982,316)		(5,173)		438,499

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¹ All amounts converted using the exchange rate published by the European Central Bank in effect as of September 30, 2026 (1 EUR = 1.1355 USD).

² Refers to PRAME+/HLA-A*02:01+ patients per year in the U.S. and EU5 in 2028; Source: Company Forecast 2026.

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Immatics expect SUPRAME results and an anzu-cel regulatory filing?

Immatics expects topline data from SUPRAME's final progression-free survival analysis in the first half of 2027, followed by a biologics license application submission in 2027. Required randomizations remain on track for completion by year-end 2026.

How much cash does Immatics have after its third-quarter 2026 results?

Immatics had $536.3 million (€472.3 million) in cash, cash equivalents and other financial assets at September 30, 2026. The company projects that funding will last into Q4 2028.

What does the Immatics SUPRAME trial compare?

SUPRAME compares anzu-cel alone with investigator's choice in patients with unresectable or metastatic melanoma previously treated with a PD-1 immune checkpoint inhibitor. Its primary endpoint is progression-free survival assessed by blinded independent central review; secondary endpoints include overall survival, response rate, safety and patient-reported quality of life.

What safety findings did Immatics report for IMA402 and IMA203CD8?

Immatics characterized IMA402 tolerability as favorable both alone and with an immune checkpoint inhibitor, and IMA203CD8's safety profile as consistent and manageable. These observations came from the updated Phase 1b IMA402 and Phase 1 IMA203CD8 data presented at ESMO Congress 2026.